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C
D
C
We're
really
here.
C
A
I
think
what
happened
is
the
the
date
for
the
next
meeting
on
the
agenda
last
time
was
november,
see.
C
A
A
C
One
is
the
board
members
listed
absent,
should
include
board
member
trustee
trustee
former
trustee
sandy
grimes
and
then
she'll
be
added
her
excused
absence
to
the
november
meeting
agenda
and
then
also
it
says
that
she'll
be
attending
the
november
meeting
when
clearly
she
is
here
today
and
then
the
last
item
is
number
15
for
adjournment.
The
next
meeting
is
typically
is
actually
today
not
november
amendments
for
the
minutes.
A
The
one
other
item-
and
I
don't
know
if
I
needed
motion
first-
was
the
ending
balance
under
the
quarterly
pension
investment
report.
The
beginning
and
ending
are
showing
the
same.
C
D
So,
as
was
just
stated,
the
beginning
balance
for
the
quarter
was
the
9.2
million
just
under
39
000
in
contributions
that
came
in
did
see
an
earnings
pullback
of
813
000
paid
out
twenty
one
thousand
distributions
had
just
under
ten
thousand
expenses,
so
the
ending
balance
again
as
of
june
thirtieth,
eight
million
four
hundred
forty
thousand
six
hundred
sixty
one
dollars
and
twenty
one
cents,
and
then
the
next
couple
pages
are
just
the
accounting
of
that
any
questions
about
dollars
or
the
accounting
part.
Before
we
talk
about
the
investments
themselves.
D
If
you
want
to
see
the
investment
numbers
themselves,
almost
there
one
or
two
more
there,
we
go
obviously
with
the
830
000
pullback.
It
was
a
very,
very
difficult
quarter
in
the
market,
so
two
straight
very
trying
quarters
that
we've
got,
which
hopefully
didn't
come
as
too
big
of
a
shock.
I
mean,
if
you
you
know,
if
you
are
somebody
who
follows
the
the
market
news
at
all.
You
probably
were
aware
of
this.
I
try
to
find
some
silver
linings
while
down
8.8
percent
for
the
quarter.
D
We
did
get
good
protection
from
on
the
downside,
from
our
investment
manager,
so
in
a
relative
sense-
and
I
do
stress
relative-
they
did
perform
well.
You
know
your
index
is
down
10.3
percent,
so
good
performance.
There
I
mean-
I
always
say
you
know
the
index.
I
don't
think,
is
a
perfect
moniker
to
compare
everything
to,
but
you
need
something
right
to
look
at
to
say,
okay,
how
are
we
doing
and
again
we
that's
that's
what
we
want.
D
We
don't
expect
when
markets
are
running
up
like
they
had
the
last
12
plus
years
until
we
got
to
this
year.
We
don't
expect
to
necessarily
partake
in
all
of
the
gains
we
expect
to
protect
when,
when
markets
go
on
the
downside
and
that's
that's
kind
of
where
how
our
investment
strategy
works
and
the
way
the
managers
are
instructed
to
work
in
that
manner.
So
again
we
got
good
performance
there.
Unfortunately,
it
is
still
downside.
The
fiscal
year
number
down
9.41
percent-
and
that's
so
that's
unfortunately
july
was
not
in
here.
D
I
wish
it
could
have
included
july
july
was
a
fantastic
month
made
a
big
portion
of
those
negative
returns
back
the
first
couple
weeks
of
august,
we're
actually
fairly
not
as
good
as
july,
but
still
moving
positively
and
then
the
middle
of
august
struck
and
we
kind
of
we,
we
kind
of
hit
another
couple
week,
tail
spin,
leading
into
september,
and
what
happened
there?
The
mark,
you
probably
heard
the
term
soft
and
hard
landing,
maybe
some
it's
again.
D
It
seems
like
over
the
last
year
or
a
couple
years
with
inflation
and
different
things.
You
we're
starting
to
hear
these
terms
that
kind
of
become
buzzwords
lately.
It's
been
the
soft
landing
versus
hard
landing
and
that's
in
regards
to.
How
are
we
going
to
come
out
of
all
these
fed
rate
hike
increases?
Are
we
going
to
have
the
soft
landing,
which
means
we
don't
go
into
a
recession
or
the
hard
landing
which
is
we're
going
into
a
recession,
and
certainly
I
don't
want
to
get
political.
D
So
I
guess
it
depends
on
who
you
ask
as
to
whether
or
not
we're
in
a
recession.
Currently
this
is
cindy,
some
people
would
say.
Yes,
some
people
say
no,
not
quite
yet.
Okay,.
D
The
difficulty
there
again
being
is
how
you
know
the
how's,
the
fed
going
to
fight
inflation,
and
really
their
only
tool
that
they
have
right
now
is
is
to
use
rate
hikes
to
slow
inflation
and
the
reason
we
got
a
bounce
in
july
and
early
august
was
there
was
some
thought
that
the
fed
was
starting
to
maybe
a
little
pleased
with
where
things
were
headed,
maybe
we're
going
to
back
off
a
little
bit
and-
and
there
was
a
hope
for
a
soft
landing
and
then
jerome
powell
fed
chair
came
out
made
in
august
and
said:
inflation
is
public
enemy
number
one
and
we
will
not
stop,
and
you
know
that
we'll
fight
it
until
until
we've
dealt
with
it.
D
I
think
the
market
said
well.
I
guess
that's
that,
so
it
kind
of
feels
like
recession,
no
matter
how
you
define
it,
it
seems
mostly
unavoidable
at
this
part.
You
never
know
until
it
happens,
but
it
doesn't
seem
very
good.
The
markets
reacted
now
again.
The
last
few
days
are
up
some,
so
you
know
I
think
we're
going
to
have
a
winning
quarter
if
we
can
hang
in
there
for
18
more
days,
but
I
don't
fiscal
year,
it's
not
going
to
be.
You
know
a
great
number.
D
It's
going
to
be
most
likely
in
the
negatives
so
kind
of
that
again
that
12-year
great
run
we've
been
on
it
looks
like
we've.
We've
finally
hit
the
downside
of
the
downturn
in
a
market
cycle,
the
good
news
again
this
is
part
of
it.
This
is
not
unexpected.
We
always
know
this
is
coming.
The
question
mark
is
usually
just
what's
going
to
trigger
it,
so
we
don't
know
when
things
are
going
to
happen,
because
we
don't
know
what's
going
to
trigger
them,
we'll
get
through
this
down
downturn.
D
You
know,
hopefully
it's
not
near
as
bad
as
0809.
It
doesn't
look
like
it's
going
to
be
you
never
know,
but
if
you
can
survive
that
odds
are
we
can
survive
whatever's
coming
so
the
next
12
24
months,
probably
at
the
minimum,
we'll
be
trying.
Now
I
don't
think
we're
going
to
see
you
know
negative
five
negative
ten
percent
fiscal
year
returns.
Hopefully
that's
not
the
case,
but
even
even
the
quote,
unquote
good
years
might
be
two
percent
five
percent.
You
know
we're
probably
not
going
to
be
looking
at
those
seven,
eight
ten.
D
You
know
the
year
before
we
were
20
for
return,
so
I
think
you
know
the
outlook
is
definitely
much
more
muted
again
taking
these
numbers
into
account.
If
you
look
all
the
way
out
to
the
10-year
return,
the
portfolio
is
still
up.
7.3
percent-
that's
taking
this
year
into
account
so
still
in
good
position.
D
Overall,
the
plan
is
very
healthy
and
that's
I
mean
today
that's
the
most
important
part
right,
our
firefighters
going
to
get
that
that
benefit,
that
they're,
expecting
in
retirement
and
and
right
now
we
have
no
reason
to
say
anything
other
than
absolutely
they
are,
and
I
this
isn't
gonna
affect
that.
It's
just
gonna,
you
know
like
any
downturn.
It's
probably
gonna
have
a
little
bit
of
an
impact
on
the
contribution
rate.
There's
really
no
way
around
that.
D
So
you
know
next
year,
when
you
have
your
actuarial
evaluation
done,
it's
not
going
to
look
the
same
as
this
year's
and
then
so
that
that'll
be
kind
of
the
the
trying
part
for
the
next
couple
years
is
that
contribution
rate
it'll
take
a
little
bit
of
a
hit,
probably,
but
so
again,
that's
just
kind
of
a
high
level
overview,
any
specific
questions
or
things
you
want
me
to
address
further.
C
B
B
The
numbers
are
correct,
though:
okay,
okay,
you
can
see
we've
already.
We
paid
a
lot
of
the
expenses.
Some
of
them
are
still
going
to
be
coming
through
they're
going
to
be
reflected
on
the
next
statement.
Year.
To
date,
we
have
administrator
expenses,
9
600
606,
the
legal
fees,
twelve
thousand
seven
hundred
thirty
one
dollars
year
to
date,
and
then
we
have
some
travel
and
education
expenses
of
167
dollars.
At
the
last
meeting
we
did
approve
a
number
of
invoices,
including
the
audit
fees
evaluation.
B
Those
are
all
paid
in
the
july,
so
you'll
see
those
reflected
on
the
july
statement
and
then
a
couple
other
expenses
were
paid
in
august.
So
by
the
time
we
get
to
the
next
meeting
of
the
september
30th
statements,
you'll
see
all
the
expenses
paid
and
reflected
hey.
Otherwise,
this
is
looking
it's
on
track.
I
don't
foresee
any
problems.
A
B
B
We
have
increased
a
couple
some
of
the
expenses,
and
that
is
basically
just
to
give
us
some
room.
You
know
if
there's
any
additional
expenses
come
through,
we
want
to
make
sure
we
have
funding
for
those
and
we
don't
have
end
up
with
a
budget
problem.
The
actuary
we
did
increase
that
some
a
little
bit
just
in
case
the
board
elects
to
have
some
additional
analysis
performed.
Once
we
get
to
that
point.
B
With
the
evaluation
report,
the
plan
administrative
administration
fees,
we
did
increase
that
a
little
bit
just
to
have
a
little
bit
of
extra
room
there,
and
hopefully
the
plan
will
continue
to
grow
and
the
audit
fees
we
did
reduce
that
slightly,
and
that
is
because
the
board
elected
to
have
these
not
have
the
standalone
report.
It
will
be
included
with
the
city's
annual
comprehensive
financial
report,
so
the
the
plan
will
correlate
our
expense,
the
legal
we
just
increased
out
a
little
bit
to
give
us
some
room
for
travel
fees.
C
B
A
All
in
favor
of
adopting
the
proposed
fiscal
year
budget
for
2223,
say
aye.
B
We
yesterday
we're
coming
coming
up
on
the
end
of
our
fiscal
year
september.
30Th
we'll
be
here
in
just
a
couple
weeks.
We
would
like
to
get
ahead
of
the
curve
and
get
the
order
for
the
valuation
report
as
soon
as
we
can,
after
the
close
of
the
fiscal
year,
that
kind
of
gets
us
in
line
to
get
our
report,
hopefully
hopefully
sooner,
and
the
proposed
fee
is
not
to
exceed
six
thousand
dollars.
B
Based
on
the
reports
that
the
city
has
prepared
that
you
know
for
different
things,
that
does
seem
to
be
a
reasonable
fee.
The
board
does
have
the
option
to
go
out
for
an
rfp.
But
again
I
see
that
thing
is
being
reusable
on.
Cars
from
southern
actuarial
services
has
always
provided
a
good
report
to
us
and
we
do
not
have
any
issues
with
it.
It's
coordinated
through
the
fn
ptf,
so
we
do
have
some
economies
of
scale
that
are
realized
through
you
know.
Using
this
this
term
jeremy
did
you
have
anything
to
add.
D
I
I
don't-
I
was
just
double-
checking
the
the
fee
from
this
year
to
make
sure
that,
because
I
actually
just
saw
in
the
last
week
or
two
a
letter
from
from
chuck's
office,
saying
that
they
were
not
increasing
fees
for
next
year.
Okay,
so
I
was
just
looking
up
to
see
what
last
year's
was,
because
it
should
be
the
same.
D
D
So
the
only
way
that
would
change,
then,
is
if
you
all
had
a
bunch
more
participants
year
over
last
other
than
that,
it
should
be
looks
like
according
to
what
you
just
approved
a
couple
items
back,
four
thousand
five
hundred
seventy
five
dollars,
so
it
should
be,
should
be
about
the
same.
A
Right
I'll
go
ahead
and
make
a
motion
to
approve
the
actuarial
evaluation
with
the
costs
not
to
exceed
6000.
C
B
Okay,
this
agenda
item
is
for
the
board's
information.
No
action
is
required.
This
is
a
the
premium
tax
distribution
that
we
receive
from
the
state
of
florida
and
it's
a
tax
on
insurance
policies.
We
use
this
money
to
offset
the
city's
contribution
to
the
pension,
the
country,
the
pension
plan,
and
we,
if
you
look
at
the
backup
documentation,
it
does
indicate
that
the
the
first
distribution
is
79
645
dollars
and
eight
cents,
which
is
what
we
received
there's.
Also
a
secondary
distribution
listed
a
supplemental
distribution.
However,
we
usually
do
not
receive
that.
B
If
we
do,
we
received
a
very
small
amount
and
that's
due
to
the
planning
expenses
and
the
fund
expenses
and
other
things
coming
out
of
there
from
the
state
of
florida.
So
that's
why
we
don't
really
expect
to
receive
much
of
anything
for
the
second,
the
supplementary
distribution.
If
we
do
receive
something
it'll
come
on
october.
D
A
So
my
question,
my
only
question
was
that
it
was
addressed
to.
B
Every
year,
the
plan,
the
plan
administrator,
needs
to
submit
a
report
to
the
state
of
florida,
and
that
is
all
of
the
plan's
activity
and
includes
the
a
lot
of
information
about
the
plan.
A
lot
of
good
information
in
here.
It
also
has
a
list
of
board
members
and
information
about
the
collective
bargaining
agreement,
as
well
as
any
other
third
parties
that
are
involved,
such
as
the
actuary
and
the
plan
administrator.
B
B
So
the
report
was
returned
as
approved
from
the
state,
so
this
is
presented
as
a
courtesy
or
information
for
the
board.
Just
let
you
know
that
everything
all
the
requirements
of
the
plan
have
been
met.
A
Next
is
our
attorney
update
page?
Are
you
still
there.
E
Thank
you
for
accommodating
me
and
having
me
send
by
phone.
I
appreciate
it.
I
just
wanted
to
nothing
really
to
report
on
just
more
housekeeping
items.
First,
I
did
want
to
just.
Hopefully
everybody
did
get
their
financial
disclosure
forms
filed
those
form
ones
that
that
are
due
every
year
by
july
1st,
if
you
have
not
already
filed
that
just
maybe
we
can
have
a
conversation
offline
and
see
what
the
best
way
to
do.
E
There
has
been
a
bill
filed
federally
that
would
seek
to
allow
first
responders
police
officers,
firefighters,
the
ability
to
enroll
in
medicare
at
age
50
which,
as
opposed
to
a
64,
which
is
what
what
the
current
law
provides
for
and
then
obviously
you
know,
as
you
guys
are
aware,
of
one
of
the
biggest
issues
with
with
lisa
firefighters
is
that
they,
while
they
do
get
to
retire
sooner
than
the
layperson
they,
you
know,
they're
challenged
with
trying
to
find
affordable
health
care,
for
you
know
a
fairly
significant
amount
of
time
between
retirement
and
and
medicare
eligibility.
E
So
we'll
keep
you
posted,
but
you
know
that
would
be
I'm
sure
that
would
be
a
nice
relief
for
many
people
to
be
able
to
to
get
something
like
that
and
then
just
some
educational
opportunities
coming
up
for
the
board,
the
the
fppta
and
the
state.
The
division
of
retirement
are
both
having
their
schools
coming
up
september
26th
through
the
29th
in
orlando
is
the
state
school
and
then
october,
2nd
through
the
5th,
is
the
is
the
mppta
now
also
in
orlando.
E
So
if
anybody
has
the
interest
and
obviously
the
opportunity,
I
think
those
might
be-
this
might
be
some
good
ones
to
to
attend
and
then
really
that's
it.
That's
all
I
have
for
for
our
report.
A
Okay,
do
you
have
anything
else
you
want
to
bring
up
before
we
address
nope
okay,
stay
in
motion
to
adjourn
all
ready,
make
a
motion
of
their
journey
I'll.
Second,
it.